May 17th 2024.
During an interactive session at an event hosted by the Confederation of Indian Industry, External Affairs Minister S Jaishankar emphasized the need for Indian businesses to be cautious in their dealings with China. He urged them to use a "national security filter" and consider sourcing from domestic manufacturers instead. This comes in light of the ongoing border dispute between India and China in eastern Ladakh.
Jaishankar clarified that there is no complete ban on working with China, but he encouraged businesses to prioritize working with Indian companies. This, he believes, is not only beneficial for national security but also for the long-term success of businesses. He stressed the importance of using a "national security filter" when conducting business with China.
When asked about the border row, Jaishankar asked the audience to consider whether they would do business with someone who barged into their home and caused chaos. He highlighted the need for common sense in such situations.
In his address, Jaishankar also raised concerns about the "weaponization" of economic activities. He pointed out how access to raw materials and stability of tourism have been used to exert political pressure. He also mentioned the dangers of excessive market shares, financial domination, and technology tracking in allowing for the weaponization of economic activities.
The current times call for more than just "business as usual," according to Jaishankar. He emphasized the importance of trust and reliability in foreign policy and how it is crucial for creating comfortable relationships between governments. He also acknowledged the need to de-risk supply sources and collaborate in sensitive, critical, and emerging technologies.
Jaishankar mentioned the progress made in this regard, particularly with the US and the EU through the iCET dialogue and the Trade and Technology Council, respectively. He also stressed the need for India's economic priorities to align with its strategic interests. He believes that India's promising economy must look towards accessing global resources to fuel its growth.
The minister also highlighted the potential economic opportunities in Russia, as the country turns towards the east. He believes that the recent spike in trade and cooperation with Russia should not be seen as a temporary phenomenon. Jaishankar ended his address by underscoring the importance of balancing economic growth with national interests.
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